Oireachtas Joint and Select Committees

Thursday, 8 December 2022

Public Accounts Committee

2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 19 - Exchequer receipts from National Lottery ticket sales

9:30 am

Photo of Brian StanleyBrian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

Whatever way it goes, it is money in the bank. Along with what Mr. Algeo has outlined regarding what the parties are receiving annually, there is also this interest payment on the loans. In 2020, that was €24.7 million. I would count that as a very good return. A lot of people with money on deposit would love to know where they could get 9% interest. It would seem to me to be inflated. It appears to me and others who have looked at this that it is very beneficial for Premier Lotteries Ireland and the parent company for that transaction to be taken and that loan to be taken out. Does Mr. Algeo agree it is a very favourable position for the parent company to be in receipt of 9% interest? Does he agree that is a favourable position to be in?

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